very basic help with Micro account please

[happyhero]

Hi I have been messing about with the demo account for ages and have come to a point where I am reasonably happy I can make more than I lose. Don't ask me how I do it as I am self taught and lack tons of knowledge but by my own weird methods I have found a way to get it to work for me.

I decided to open a micro account, this I found awkward to decide on, i.e. which account would be best for me. I basically wanted to be able to do what I do in the demo account, which is, open trades in 4 pairs at any time and trade 0.01 to 0.10 initially and move up to possibly 1.00 in the future. I also wanted to start low and put in ?500.

I have some real basic questions, so I hope someone will take pity and answer them for me as I have tried looking them up on the net and the answers are too complicated, so could someone possibly explain them in lay mans terms to me.

Firstly what is a MICRO lot, does it simply mean this, 0.01 would be micro but 0.10 would be too big to be classes as a micro. If this is correct when is it no longer classed as a MICRO lot, is 0.09 the limit?

Secondly as I say I opened a Micro account (hope I made the right decision) and I notice on this account it stipulates a "maximum open position" of 2 lots. After reading some bits can anyone confirm my understanding? I understand that all open deals must not exceed 2.00 therefore with 4 open pairs the highest trade I could have open is 0.5 on each, i.e. total 2.00, is this right or am I totally wrong?

I have more questions but I will start with these two and I really appreciate anyone who can give me the time to answer them.

[Customer Services]

Hi

1. A micro lot is 0.01, which equals to 1,000 units of the base currency. Micro lots carry on until 0.09. Afterwards the mini lot begins at 0.1; the mini lot equals to 10,000 units of the base currency.
If you are not familiar with fx trading/MT4, perhaps you may wish to watch our online video tutorials http://www.alpari.co.uk/en/alpari_ac...tutorials.html

2. You are correct; the micro account only allows up to 2.0 open lots at any one time, for example, 4 positions of 0.5 each.

Thanks


Customer Services